Bison Gold Exploration Inc.
CNQ : BGEI

Bison Gold Exploration Inc.

November 28, 2007 16:30 ET

Bison Gold Exploration Inc. Announces Completion of Private Placement, Shares for Debt and Changes to Its Board of Directors

TORONTO, ONTARIO--(Marketwire - Nov. 28, 2007) - Bison Gold Exploration Inc. ("Bison Gold" or the "Company") (CNQ:BGEI) today announced the completion of the second tranche of a non-brokered private placement financing for gross proceeds of $234,900. The proceeds of the financing will be used to fund the Company's ongoing exploration programs in the province of Manitoba as well as working capital and general corporate services.

The Company has issued 900,000 non flow-through units at $0.25 per unit for gross proceeds of $225,000. Each unit consists of one non flow-through common share and one common share purchase warrant. Each full share purchase warrant entitles the holder to purchase one common share of the Company at a price of $0.35 until November 26, 2009.

The Company has issued 33,000 flow-through units at $0.30 per unit for gross proceeds of $9,900. Each unit consists of one flow-through common share and one half of one common share purchase warrant. Each full share purchase warrant entitles the holder to purchase one common share of the Company at a price of $0.40 until November 26, 2009.

The Company paid a cash commission of 8% of the gross proceeds. The securities issued are subject to a four month hold period expiring on March 26, 2008.

Since August, 2007, the Company has raised gross proceeds of $1,295,400 including $570,400 in flow-through private placement financings, $475,000 in non flow-through private placement financings and $250,000 in convertible loan financings.

The Company has settled a statement of claim which demanded repayment of a promissory note of $30,060. The Company had accrued interest totaling $21,644 on the promissory note. The settlement amount was $35,000 payable through the issuance of 140,000 common shares of the Company at a value of $0.25 per share. The shares for debt issued are subject to a four month hold period expiring on March 26, 2008.

The Company is pleased to announce the addition of Mr. Daniel Dumas to the Board of Directors. Mr. Dumas has been the President and CEO of Dumas Contracting Ltd. since 1993. Dumas Contracting Ltd. is a mining contracting and engineering company with annual sales of over $120 million and with over 1000 employees. Mr. Lucas Ewart, the current CEO of Bison, has also joined the Board of Directors.

Mr. Chris Watkiss, the Company's CEO from December 2005 to August 2007, has resigned from the Board of Directors. "We would like to thank Chris for his contribution and we wish him all the best in his future endeavours," said Dale Dunlop, Chairman of the Board of Bison. "Chris' efforts have ensured that Bison Gold continues to maintain a strong portfolio of gold and base metal properties in Manitoba and elsewhere."

About Bison

Bison is a CNQ-listed company focused on exploring for high grade gold with property assets in Manitoba, Saskatchewan and Nevada. Bison Gold is led by a seasoned management team with the primary focus of delivering shareholder value appreciation.

As of November 28, 2007 the Company had 24,403,835 common shares outstanding and 34,289,501common shares fully diluted.

The CNQ does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Bison Gold Exploration Inc.
    Mr. Lucas Ewart
    CEO
    (416) 646-7649